How to do Payroll on Sage
If you are a Sage user, you might be wondering whether Sage accounting software can help with manage your employee payroll computation. Preparing payroll computations can be grueling especially when you make such calculations on spreadsheets. Employees are becoming more demanding and they want to know the nitty details of how their salary and taxes are accounted. Tax authorities also demand for these records. Having to search for several spreadsheet computations could affect whether an additional assessment is imposed on you.
Sage Business Cloud Payroll
Automating your payroll records using Sage Payroll Software
If you use an accounting software or ERP software, automating your payroll can be made effective when your payroll computations are properly integrated with your Sage accounting software. There are ways in which automating your payroll software process can help improve your employee record history and operational processes:
1. Manage Calendar processes
Using a Sage payroll software can help your company track staff leave applications, staff absences, and overtime. When multiple staff go on leave concurrently, the absence of your employees can affect your company’s operations and impact your ability to deliver towards customers. Calendar management can be done using a payroll software that would help aggregate staff information and enable companies carefully plan for their operations.
2. Storage of employee records
Using a payroll software can help companies manage employee records digitally rather than keeping physical files of staff. It also allows you to retain records of employees that are currently in your office and those that have left. This is essential for a company’s history and for regulatory purposes. Tax authorities regularly conduct tax audits for prior financial years. A company that fails to keep its employee records can affect the level of tax exposure that the authority can impose on you, despite having an history of tax payments.
3. Issuance of employee payslips
If you have multiple employees, preparing payslips on spreadsheets and printing for staff monthly can become exhaustive. A payroll software can help you to automate your payslip creation process. After finalising your payroll computations for a period, payslips are easily generated and sent to either employee emails, printed, or uploaded to an employee self-service platform at the click of a button. With an automated payslip system, employees can also preview their payslips, and make complaints or enquiries where necessary.
4. Preparing statutory reports
Sage Payroll Software has been created to assist HR and Payroll professionals prepare statutory reports seamlessly. Depending on your country and state, regulatory requirements are usually different. It is important that your returns are prepared before deadlines to prevent any potential tax exposures from the tax authorities. To prevent any hassle, you can use a payroll software that is statutorily inclined to your tax jurisdiction. For example, in Nigeria, statutory reports like Form H1, Pension forms such as EPPCOS, National Social Insurance and Trust Fund (NSITF) returns, and Industrial Training Fund (ITF) returns, should be easily automated for filing purposes on your software. This can however be done from a payroll software through the data collected from the multiple employee sources.
5. Analytics
Using a payroll software allows you to get real time data of staff payroll costs, employee trends such as leave breaks, absenteeism, overtime, employee and company contributions to statutory costs such as taxes and pensions. Companies can make prompt decisions from payroll data, and evaluate salary structures, tax information, and other regulatory information. A payroll software with intelligence and data analytics capabilities help companies make meaningful and informed decisions towards better employee planning and strategies.
One major benefit companies enjoy while using a payroll software is the ease of managing staff seamlessly. Payroll computations can be done in an automated manner using a payroll software. Sage has a wide range of payroll software solutions depending on the size of the business. Sage Business Cloud Payroll is used by small businesses. Sage Pastel Payroll and HR and Sage 300 People are used by multiple medium and large businesses. To learn more about other Sage software, click here.